FBAR, FATCA & PFIC Compliance

ABOUT Accutax

FBAR is separate from the federal income tax return and carries its own filing requirements.

For U.S. taxpayers living or investing internationally, filing a U.S. income tax return may only be part of the compliance obligation.

Foreign bank accounts, financial assets and investments can trigger separate reporting requirements under FBAR, FATCA and PFIC rules.

Accutax Business Center helps clients identify these requirements and prepare the necessary filings.

U.S. persons may be required to file FinCEN Form 114 when the aggregate value of their foreign financial accounts exceeds the applicable reporting threshold at any point during the calendar year.

Reportable accounts can include certain:

  • Foreign checking and savings accounts
  • Investment and brokerage accounts
  • Securities accounts
  • Other foreign financial accounts
  • Accounts over which the taxpayer has signature or other qualifying authority

FBAR is separate from the federal income tax return and carries its own filing requirements.

FATCA — Form 8938

The Foreign Account Tax Compliance Act may require certain taxpayers to report specified foreign financial assets on Form 8938.

FATCA thresholds depend on factors including filing status and whether the taxpayer lives inside or outside the United States.

Some taxpayers may have both FBAR and Form 8938 filing obligations.

PFIC — Form 8621

Foreign mutual funds and certain other foreign investments can potentially be classified as Passive Foreign Investment Companies, or PFICs.

PFIC taxation and reporting can be particularly complex and may result in unfavorable U.S. tax consequences when not addressed appropriately.

Our services include:

  • PFIC identification and review
  • Form 8621 preparation
  • Review of available PFIC tax treatments and elections
  • Coordination of PFIC reporting with the individual income tax return
  • Planning before purchasing or disposing of foreign investments

FBAR/FATCA & PFIC

Typical Client Investment

FBAR, FATCA and PFIC services typically start at $500.

Pricing depends on the number and complexity of foreign accounts, assets and investments, as well as the reporting requirements applicable to your situation.

START AT 

$500+

Don't Assume Foreign Investments Are Treated Like U.S. Investments

International information reporting errors can become expensive. If you hold foreign financial accounts, investments or other foreign financial assets, we can review your circumstances and determine which reporting requirements may apply.